MIAMI BEACH, Fla.--(BUSINESS WIRE)--Miami Beach, the city that’s long been a holiday haven and refuge for millions of visitors from across the country and around the world, has become in the last ten years more than a tourist destination and has proven that it’s the next major global city that’s on everyone’s radar screen. For instance, in 2013 real estate in the city was worth more than $23 billion and its tourism industry reached record levels.
“The city of Miami Beach has always been appealing to celebrities and international visitors,” says Steve Adkins, Chair, the Miami Beach Visitor and Convention Authority. “But in the past few years, especially in the first three years of this decade, business and real estate interests have exploded on Miami Beach transforming the city into a global brand in demand in terms of retail, restaurant and real estate growth while celebrities and celebrity chefs continue to make an exodus to the city.”
Real Estate: A house at 34 LaGorce Circle in Miami Beach sold in early May for $14 million, setting a record price per square foot for Miami-Dade County, according to the listing agent, Danny Hertzberg of The Jills Team at Coldwell Banker. The 1941-vintage house with 6-bedrooms and 6-baths, spans 4,846 square feet and sits on a 22,912 square foot lot and sold for $611/square foot. The sale topped Hertzberg’s own record of $529/square foot for a home he sold in December 2013 sale at 2550 Bay Avenue on Sunset Islands. Also, in April 2013 the most expensive penthouse apartment was sold on Miami Beach at the Faena House condominium for a record-breaking $50 million. The home offers 8,273 square feet of interior space and 10,000 square feet of exterior space; five bedrooms, five baths, two half baths, and a 70-foot rooftop pool. The commercial real estate business is also booming in South Florida. Rent on Lincoln Road has increased from $200/square foot a month to $300/square foot a month and international retailers and companies are opening stores on Miami Beach in volumes.
Retail: Spanish retailer Zara is set to open one of its largest flagship stores on Lincoln Road this summer; French bakery Lauderee opened its first ever U.S. location on Miami Beach in February 2014 and the first Adidas by Stella McCartney store in the U.S. is on its way. They join other retailers like Spanish sportswear emporiums, Custo Barcelona and Okslen; luxury car company, Tesla; celebrity clothier, John Varvatos; British cosmetics company, LUSH; and recognizable names like H+M, Forever 21 and Victoria’s Secret. “Many retail companies are designating Miami Beach as their first U.S. locations or have significant presence here because they recognize the powerful economic and tourism engine that drives this city,” notes Adkins.
Culture: Major cultural events are also planting stakes in Miami Beach. In addition to the Art Basel behemoth, one of the largest furniture and design shows in the world chose Miami Beach for its first North American fair: Maison & Objet will be exhibiting at the Miami Beach convention center in May 2015. Maison & Objet attracts 80,000 interior designers, decorators, developers, hotels, restaurants, journalists and investors. In addition, the successful and popular art fair SCOPE returns to Miami Beach for a second year after defecting from Miami’s Wynwood neighborhood while the Pulse Art Fair also defects from Wynwood to Miami Beach this year.
"Miami Beach has become more than a city by the beach, beyond being just a playground for visitors; this has become a city of business and growth and expanding infrastructure to support the upswing in tourists as well as full and part-time residents," adds Grisette Roque-Marcos, Executive Director, Miami Beach Visitor and Convention Authority. "Miami Beach is truly like no other place in the world."
About Miami Beach
With an average year-round temperature of 75 degrees, Miami Beach has an unrivaled reputation for culinary offerings, nightlife, culture, fashion, and luxurious hotels. Also a popular destination among travelers, Miami Beach was recently ranked by Trip Advisor as number one on its Top Winter Sun Vacation Rental Getaway Destinations for 2011 list and was included on both the Top 25 Beaches in the World and Top 25 Destinations in the U.S. lists. Boasting seven miles of breathtaking beaches, Miami Beach is easily accessible from the Port of Miami and Miami International Airport. The City of Miami Beach has just been named one of the top cities worldwide for 'walkability' and is equally easy to navigate by bike or by boat. Home to unique museums, to the New World Symphony and Miami City Ballet, to over 17,000 luxury, boutique and resort hotel rooms, 12 public parks and to the Miami Beach Convention Center, Miami Beach is a destination for all seasons. Miami Beach is like no other place in the world! Visit MiamiBeachGuest.com or MiamiBeachINCARD.com for more information or contact Grisette Marcos at Groquemarcos@miamibeachvca.com.
